Cap. 615 Art. 3Licensed property brokers or real estate agents that shall be licensed. 4 [

(1) The activity of a property broker or real estate agent means the acting as an intermediary in the process of negotiating and arranging transactions involving the acquiring or disposing or leasing of land, including when the said activity is carried out through the engagement or the employment of a branch manager or a property consultant or both.

(2) No person shall carry on the activity of a property broker or real estate agent or be employed or engaged as a branch manager or property consultant after the 31st December, 2021 unless he is the holder of a licence issued under the Act.

(3) No licence shall be required where a person acts as an intermediary in the process of negotiating and arranging transactions involving the acquiring or disposing or leasing of land on an occasional basis and does neither advertise his services nor does he employ or engage anyone to assist him in the carrying out of the said occasional activity:

Provided that such person shall still be required to submit a notification in the form prescribed by the Board for the purpose to inform the Board of the intention to carry out such occasional activity and provide any other information which the Board may require:

Provided further that the Board may require such persons who carry out the activity on an occasional basis to furnish it with information on the number and value of transactions on an annual basis, and, or on an basis as the Board may consider necessary. ad hoc

(4) For the purposes of this article:

"occasional basis" means acting as an intermediary in the process of negotiating and arranging not more than two (2) transactions involving the acquiring or disposing or per annum leasing of land.

(5) Where a real estate agent intends to carry out his activity with some other person, they shall form a partnership, having as its main object the activity envisaged under sub-article (1), and they shall seek the authorisation of the Board prior to the commencement of activity. CAP.615. PROPERTY CONSULTANT

(6) The provisions of sub-article (4) shall also apply to property brokers.

(7) Any person who does not comply with the requirements of this article shall be liable to an administrative fine (multa) not exceeding twenty thousand euro (€20,000).